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Assistant Secretary for International Trade and Development Alexia Latortue on the Asian Development Bank Annual Meetings and Asian Development Fund Replenishment

WASHINGTON – The United States applauds the productive Annual Meetings of the Asian Development Bank (ADB) and welcomes the successful replenishment of the Asian Development Fund (ADF-14) and the Technical Assistance Special Fund (TASF-8).  The ADF supports the poorest and most vulnerable countries in Asia and the Pacific—including small island developing states in the Pacific—as well as the people of Afghanistan and Myanmar.  With a pledge of $174.4 million, subject to Congressional authorization and appropriation, the United States is proud to be the third largest donor to ADF-14 and commends all donors and ADB Management for their strong support toward this historic $5 billion replenishment.  

As countries grapple with the accelerating impacts of climate change, high debt burdens, and geopolitical turmoil in the region and globally, ADF-14 will provide the critical support necessary to maintain hard-won development gains and continue to accelerate economic development.  Resources from ADF and complementary technical assistance from TASF will build debt management capacity and deliver transformative and high-quality projects with strong monitoring, safeguards, and value for money procurement, supporting long-term, inclusive, sustainable growth in the region.

ADB Governors also reflected on progress made on ADB’s evolution journey, including financial reform measures taken that will unlock $100 billion in new financing headroom over the next 10 years – a 40 percent increase – and the design of new innovative instruments. Moving forward, a key priority will be stepping up private sector development and private capital mobilization in support of the region’s development aspirations.

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Official news published at https://home.treasury.gov/news/press-releases/jy2341

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